As we approach the peak of hurricane season, Jefferson Parish officials are worried that flood insurance rates could price some residents out of their homes.
"We don't want homeowners to have to go back to renting because of high flood insurance," Jefferson Parish President Cynthia Lee Sheng told WWL's Tommy Tucker. She says residents outside of the hurricane levee protection system could see their flood insurance rates skyrocket.
"It's being calculated in different ways through the NFIP, and that's something that's very concerning to us," Sheng said. How high could those rates increase?
"The limit is 18 percent, but it can go up another 18 percent next year and the following year," Sheng added. "So, I'm very scared when we get to year three/four, people are going to have to make hard decisions."
That's why Sheng and the Jefferson Parish Government are seeking ways to keep flood insurance affordable for residents.
"There is a volunteer program you can get into," Sheng said. "We call it CRS--Community Rating System."
Sheng says the parish scores high on the rating system. That, she says, brings a huge benefit for property owners.
"It allows us to get a 25-percent discount on flood insurance premiums through the NFIP," Sheng said, adding that the parish government's floodplain management team's hard work has allowed the parish to get high marks in the CRS.
"We try to help ourselves as much as we can," Sheng added.
Sheng notes that she is still lobbying Congress to make changes to the federal flood insurance program to make coverage more affordable before rebates.
"For Risk Rating 2.0, this is a national issue that our federal delegation is working on for us," Sheng said.
